Every vendor relationship should also have a natural lifecycle, beginning with initial identification and engagement, qualification and risk management, evaluation, selection and onboarding, performance and risk management, vendor relationship management and finally ending with contract termination and offboarding. The vendor onboarding process is a key part of any organization’s third-party risk management program and hence is given specific attention on a constant basis. However, offboarding is equally important. If done poorly, it can leave your company exposed to data breaches, compliance failures, unnecessary costs, loss of valuable equipment, and potential litigation.
Creating a vendor onboarding and termination checklist is a simple technique to prevent a vendor failing to be onboarded in your accounting software while also ensuring cyber and physical security as well as safety compliance.
Access this checklist by completing the form on the right and clicking “Download Now.”